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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

For the fiscal year ended January 31, 2004

OR

For the Transition period from                                to                               

Commission File Number 1-6049

TARGET CORPORATION

(Exact name of registrant as specified in its charter)

Registrant's telephone number, including area code: 612/304-6073

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Securities registered pursuant to Section 12(g) of the Act: NONE

        Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    X     No                                  

        Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. /x/

        Indicate by check mark whether the Registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes    X     No                                  

        Aggregate market value of the voting stock held by non-affiliates of the Registrant on August 2, 2003 was $34,626,079,169, based on the closing price of $38.01 per share of Common Stock as reported on the New York Stock Exchange—Composite Index. (Excluded from this figure is the voting stock held by Registrant's Directors and Executive Officers.)

        Indicate the number of shares outstanding of each of Registrant's classes of Common Stock, as of the latest practicable date. March 22, 2004: 913,038,837 shares of Common Stock, par value $.0833.

DOCUMENTS INCORPORATED BY REFERENCE

        1.     Portions of Registrant's 2003 Annual Report to Shareholders are incorporated into Parts I, II and IV.

        2.     Portions of Registrant's Proxy Statement filed on April 5, 2004 are incorporated into Part III. (The Report of the Compensation Committee, the Report of the Audit Committee and the stock performance graph contained in the Registrant's Proxy Statement are expressly not incorporated by reference in this Form 10-K.)

PART I

Item 1.    Business.

        The first two paragraphs of Analysis of Operations, Page 17; Analysis of Financial Condition, Pages 22-23; Performance Objectives, Page 24; Credit Card Operations, Pages 19-20; first textual paragraph of Summary of Accounting Policies—Organization, Page 30; Business Segment Comparisons, excluding years 1998-2000, Page 38; Quarterly Results (Unaudited), Page 39; the number of stores by state, Pages 16 and 39; and the information relating to total stores on the inside front cover under Financial Highlights, excluding years 1999-2000, of Registrant's 2003 Annual Report to Shareholders are incorporated herein by reference. The Registrant was incorporated in Minnesota in 1902. At the end of fiscal 2003, Registrant employed approximately 328,000 people, including 273,000 at Target Stores, 29,000 at Mervyn's and 25,000 at Marshall Field's.

Competition

        The Registrant's retail merchandising business is conducted under highly competitive conditions in the discount, middle market and department store retail segments. Its stores compete with national and local department, specialty, off-price, discount, grocery and drug store chains, independent retail stores and Internet and catalog businesses which handle similar lines of merchandise. The Registrant also competes with other companies for new store sites.

        The Registrant believes the principal methods of competing in its industry include brand recognition, customer service, store location, differentiated offerings, value, quality, fashion, price, advertising, depth of selection and credit availability. The Registrant is a leader in community involvement programs and believes that it is in a strong competitive position with regard to these competitive factors.

Available Information

        The Registrant's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge at www.target.com (click on "Company," "Target Corporation," "Investor Information" and "Financial Reports and Filings") as soon as reasonably practicable after we file such material with, or furnish it to, the SEC. The Registrant's Corporate Governance Profile, Business Conduct Guide and the position descriptions for the Registrant's Board of Directors and Board committees are also available free of charge in print upon request or at www.target.com (click on "Company," "Target Corporation," "Investor Information" and "Corporate Governance").

Item 2.    Properties.

        Leases, Page 34; Owned and Leased Store Locations, Page 23; and the number of stores by state, Pages 16 and 39 of Registrant's 2003 Annual Report to Shareholders are incorporated herein by reference.

Item 3.    Legal Proceedings.

        Commitments and Contingencies, Pages 32-33, of Registrant's 2003 Annual Report to Shareholders is incorporated herein by reference.

Item 4.    Submission of Matters to a Vote of Security Holders.

        Not Applicable.

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Item X.    Executive Officers of the Registrant.

        The executive officers of the Registrant as of March 22, 2004 and their positions and ages, are as follows:

        Each officer is elected by and serves at the pleasure of the Board of Directors. There is no family relationship between any of the officers named nor is there any arrangement or understanding pursuant to which any person was selected as an officer. The period of service of each officer in the positions listed and other business experience as of March 22, 2004 is set forth below.

        Robert J. Ulrich  Chairman of the Board, Chief Executive Officer, Chairman of the Executive Committee and Director of Registrant since April 1994. Chairman and Chief Executive Officer of Target Stores since October 1987.

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        Linda L. Ahlers  President of Marshall Field's since March 1996 and Executive Vice President, Merchandising of Marshall Field's from August 1995 to March 1996.

        Todd V. Blackwell  Executive Vice President, Human Resources and Assets Protection of Registrant and Chairman of the Board of The Associated Merchandising Corporation since February 2003. Senior Vice President, Human Resources of Registrant from September 2000 to February 2003. Senior Vice President, Stores of Mervyn's from December 1998 to September 2000 and Regional Vice President, Stores of Mervyn's from August 1995 to December 1998.

        Bart Butzer  Executive Vice President, Stores of Target Stores since April 2001. President of Mervyn's from March 1997 to April 2001. Regional Senior Vice President of Target Stores from October 1991 to March 1997.

        Michael R. Francis  Executive Vice President, Marketing of Registrant since February 2003. Senior Vice President, Marketing of Registrant from January 2001 to February 2003. Senior Vice President, Marketing and Visual Merchandising of Marshall Field's from April 1996 to January 2001 and Senior Vice President, Marketing of Marshall Field's from January 1995 to April 1996.

        John D. Griffith  Senior Vice President, Property Development of Registrant since February 2000 and Vice President, Construction of Registrant from January 1999 to February 2000. Vice President, Office Development at Ryan Companies US, Inc., a real estate development company, from 1995 to 1998.

        James T. Hale  Executive Vice President, General Counsel and Corporate Secretary of Registrant since March 2000 and Senior Vice President, General Counsel and Corporate Secretary of Registrant from March 1981 to March 2000.

        Diane L. Neal  President of Mervyn's since April 2001, Divisional Merchandise Manager of Target Stores from February 2001 to April 2001, Director, Merchandise Planning of Target Stores from March 1999 to February 2001, and Director, Sourcing for The Associated Merchandising Corporation, a subsidiary of Registrant, from April 1997 to March 1999.

        Luis Padilla  Executive Vice President, Merchandising of Marshall Field's since July 2001 and Senior Vice President, Merchandising, Softlines of Target Stores from July 1994 to July 2001.

        Douglas A. Scovanner  Executive Vice President and Chief Financial Officer of Registrant since February 2000 and Senior Vice President and Chief Financial Officer of Registrant from June 1994 to February 2000.

        Paul L. Singer  Senior Vice President, Technology Services and Chief Information Officer of Registrant since April 2000, Senior Vice President, Information Services of Registrant from February 1999 to April 2000 and Vice President, Information Services of Registrant from October 1993 to February 1999.

        Gregg W. Steinhafel  President of Target Stores since August 1999 and Executive Vice President of Target Stores from July 1994 to August 1999.

        Gerald L. Storch  Vice Chairman of Registrant since January 2001, President, Financial Services and New Businesses of Registrant from May 1998 to January 2001, President, Credit and Senior Vice President, Strategic Business Development of Registrant from May 1997 to May 1998 and Senior Vice President of Registrant from April 1993 to May 1997.

        Ertugrul Tuzcu  Executive Vice President, Store Operations of Marshall Field's since March 1996. Senior Vice President of Marshall Field's from August 1995 to March 1996.

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PART II

Item 5.    Market for the Registrant's Common Equity and Related Stockholder Matters.

        Dividends declared per share and Closing common stock price, Page 39, of Registrant's 2003 Annual Report to Shareholders are incorporated herein by reference.

Item 6.    Selected Financial Data.

        Per Common Share Data on the inside front cover under Financial Highlights; and Total revenues, Earnings before income taxes, Total assets and Long-term debt, excluding 1998 information, Page 38, of Registrant's 2003 Annual Report to Shareholders are incorporated herein by reference.

Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations.

        Management's Discussion and Analysis, Pages 17-25; Payments Due by Period—Operating leases, Page 23; and the second textual paragraph of Pension and Postretirement Health Care Benefits—Assumptions, Page 37, of Registrant's 2003 Annual Report to Shareholders are incorporated herein by reference.

Item 7a.    Quantitative and Qualitative Disclosures About Market Risk.

        Market Risk, Page 23; and Derivatives, Pages 33-34 of Registrant's 2003 Annual Report to Shareholders are incorporated herein by reference.

Item 8.    Financial Statements and Supplementary Data.

        Pages 26-39, excluding years 1998-2000 on Page 38 and excluding the map information related to store count on Page 39; and the Report of Independent Auditors, Page 40, of Registrant's 2003 Annual Report to Shareholders are incorporated herein by reference.

Item 9.    Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

        Not Applicable.

Item 9a.    Controls and Procedures.

        As of the end of the period covered by this annual report, the Registrant conducted an evaluation, under supervision and with the participation of management, including the chief executive officer and chief financial officer, of the effectiveness of the design and operation of Registrant's disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Based upon that evaluation, Registrant's chief executive officer and chief financial officer concluded that Registrant's disclosure controls and procedures are effective. Disclosure controls and procedures are defined by Rules 13a-15(e) and 15d-15(e) of the Exchange Act as controls and other procedures that are designed to ensure that information required to be disclosed by us in reports filed with the Securities and Exchange Commission ("SEC") under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

        There have been no significant changes (including corrective actions with regard to significant deficiencies or material weaknesses) in Registrant's internal control over financial reporting or in other factors that could significantly affect internal control over financial reporting subsequent to the evaluation date.

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PART III

        Certain information required by Part III is incorporated by reference from Registrant's definitive Proxy Statement filed on April 5, 2004. Except for those portions specifically incorporated in this Form 10-K by reference to Registrant's Proxy Statement, no other portions of the Proxy Statement are deemed to be filed as part of this Form 10-K.

Item 10.    Directors and Executive Officers of the Registrant.

        Election of Directors, Pages 5-13; Audit Committee, Page 12; Section 16(a) Beneficial Ownership Reporting Compliance, Page 40; and Business Ethics and Conduct, Pages 39-40, of Registrant's Proxy Statement filed on April 5, 2004, are incorporated herein by reference. See also Item X of Part I hereof.

Item 11.    Executive Compensation.

        Executive Compensation, Pages 15-22; and Director Compensation, Page 9, of Registrant's Proxy Statement filed on April 5, 2004, are incorporated herein by reference.

Item 12.    Security Ownership of Certain Beneficial Owners and Management.

        Equity Compensation Plan Information, Page 38; Largest Owners of Registrant's Shares, Page 14; and Share Ownership of Directors and Officers, Pages 13-14, of Registrant's Proxy Statement filed on April 5, 2004, are incorporated by reference.

Item 13.    Certain Relationships and Related Transactions.

        Not Applicable.

Item 14.    Principal Accounting Fees and Services.

        Audit and Non-audit Fees, Pages 27-28, of Registrant's Proxy Statement filed on April 5, 2004, is incorporated herein by reference.

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PART IV

Item 15.    Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

a)

Financial Statements

Consolidated Results of Operations for the Years Ended January 31, 2004, February 1, 2003 and February 2, 2002.

Consolidated Statements of Financial Position at January 31, 2004 and February 1, 2003.

Consolidated Statements of Cash Flows for the Years Ended January 31, 2004, February 1, 2003 and February 2, 2002.

Consolidated Statements of Shareholders' Investment for the Years Ended January 31, 2004, February 1, 2003 and February 2, 2002.

Notes to Consolidated Financial Statements, Pages 30-39, excluding years 1998-2000 on Page 38 and excluding the map information related to store count on Page 39, of Registrant's 2003 Annual Report to Shareholders.

Report of Independent Auditors, Page 40, of Registrant's 2003 Annual Report to Shareholders.

        The Registrant, through its special purpose subsidiary, Target Receivables Corporation ("TRC"), entered into a securitization transaction under which it transfers, on an ongoing basis, substantially all of its credit card receivables to a trust. Separate financial information is filed for TRC in its separate Annual Report on Form 10-K.

Financial Statement Schedule

        For the Years Ended January 31, 2004, February 1, 2003 and February 2, 2002.

II—Valuation and Qualifying Accounts.

        Other schedules have not been included either because they are not applicable or because the information is included elsewhere in this Report.

b)

Reports on Form 8-K

Form 8-K filed on November 13, 2003, providing the financial results for the third quarter ended November 1, 2003.

c)

Exhibits

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        Copies of exhibits will be furnished upon written request and payment of Registrant's reasonable expenses in furnishing the exhibits.

*

Management contract or compensation plan or arrangement required to be filed as an exhibit to this Form 10-K.

(1)

Incorporated by reference to Exhibit (3)A to the Registrant's Form 10-K Report for the year ended February 2, 2002.

(2)

Incorporated by reference to Exhibit (3)(ii) to Registrant's Form 10-Q Report for the quarter ended October 31, 1998.

(3)

Incorporated by reference to Exhibit A to Exhibit 1 to Registrant's Registration Statement on Form 8-A dated September 19, 2001.

(4)

Incorporated by reference to Exhibit 10 to Registrant's Form 10-Q Report for the quarter ended August 3, 2002.

(5)

Incorporated by reference to Exhibit (10)A to the Registrant's Form 10-K Report for the year ended February 2, 2002.

(6)

Incorporated by reference to Exhibit (10)C to the Registrant's Form 10-Q Report for the quarter ended August 2, 2003.

(7)

Incorporated by reference to Exhibit 10(E) to the Registrant's Form 10-K Report for the year ended February 1, 1997, and Amendment thereto, incorporated by reference to Exhibit (10)G to the Registrant's Form 10-Q Report for the quarter ended November 2, 2002.

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(8)

Incorporated by reference to Exhibit (10)B to the Registrant's Form 10-Q Report for the quarter ended August 2, 2003.

(9)

Incorporated by reference to Exhibit (10)G to the Registrant's Form 10-K Report for the year ended February 1, 1997, and Amendment thereto, incorporated by reference to Exhibit (10)G to the Registrant's Form 10-Q Report for the quarter ended November 2, 2002.

(10)

Incorporated by reference to Exhibit 10(H) to the Registrant's Form 10-K Report for the year ended February 1, 1997, and Amendment thereto, incorporated by reference to Exhibit 10(G) to the Registrant's Form 10-Q Report for the quarter ended November 2, 2002.

(11)

Incorporated by reference to Exhibit (10)G to the Registrant's Form 10-K Report for the year ended February 1, 2003.

(12)

Incorporated by reference to Exhibit (10)H to the Registrant's Form 10-K Report for the year ended February 1, 2003.

(13)

Incorporated by reference to Exhibit (10)K to the Registrant's Form 10-K Report for the year ended January 30, 1999.

(14)

Incorporated by reference to Exhibit (10)L to the Registrant's Form 10-K Report for the year ended January 30, 1999.

(15)

Incorporated by reference to Exhibit 4.4 to the Registrant's Registration Statement on Form S-8 (File No. 333-75782) filed on December 21, 2001 and Amendment thereto, incorporated by reference to Exhibit (10)F to the Registrant's Form 10-Q for the quarter ended November 2, 2002.

(16)

Incorporated by reference to Exhibit 4.2 to the Registrant's Registration Statement on Form S-8 (File No. 333-75782) filed on December 21, 2001.

(17)

Incorporated by reference to Exhibit (10)A to the Registrant's Form 10-Q Report for the quarter ended August 2, 2003.

(18)

Incorporated by reference to Exhibit (10)O to the Registrant's Form 10-K Report for the year ended February 3, 2001.

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SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

        Pursuant to the requirements of the Securities Exchange Act of 1934, the report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

         Douglas A. Scovanner, by signing his name hereto, does hereby sign this document pursuant to powers of attorney duly executed by the Directors named, filed with the Securities and Exchange Commission on behalf of such Directors, all in the capacities and on the date stated.

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TARGET CORPORATION
Schedule II - Valuation and Qualifying Accounts
Fiscal Years 2003, 2002 and 2001

(Millions of Dollars)

(a)

Concurrent with our August 22, 2001 issuance of receivable backed securities, SFAS No. 140 (which replaced SFAS No. 125 in its entirety) became the guidance applicable to our receivable-backed securities transactions. As described in detail in the Notes to Consolidated Financial Statements on page 31 of Registrant's Annual Report to Shareholders, this transaction and the application of SFAS No. 140 resulted in a number of accounting changes including the reclassification of the owned receivable-backed securities to accounts receivable at fair value.

EXHIBIT INDEX

QuickLinks

Item 1. Business.
Item 2. Properties.
Item 3. Legal Proceedings.
Item 4. Submission of Matters to a Vote of Security Holders.
Item X. Executive Officers of the Registrant.

Item 5. Market for the Registrant's Common Equity and Related Stockholder Matters.
Item 6. Selected Financial Data.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 7a. Quantitative and Qualitative Disclosures About Market Risk.
Item 8. Financial Statements and Supplementary Data.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
Item 9a. Controls and Procedures.

Item 10. Directors and Executive Officers of the Registrant.
Item 11. Executive Compensation.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Item 13. Certain Relationships and Related Transactions.
Item 14. Principal Accounting Fees and Services.

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.